USD/CHF grinds with a choppy range between 0.9415 and 0.9425 during early Wednesday, after posting the heavy daily jump since early February. In doing so, the Swiss currency (CHF) pair seesaws around the weekly top in search of more clues to extend the previous day’s rally that crossed the key hurdle to the north.
The 100-DMA breakout appears the key bullish signal for the USD/CHF traders even if they flirt with the key moving average near 0.9415 as of late. That said, the firmer RSI (14), not overbought, joins the bullish MACD signals to back the upside bias.
However, the year 2023 peak marked in the last week around 0.9440 guards the USD/CHF pair’s immediate upside.
Following that, the 0.9500 threshold may test a run-up targeting the 200-DMA level surrounding 0.9565. Also acting as upside filters are the tops marked during late November 2022, around 0.9550 and the 0.9600 round figure.
On the contrary, a daily closing below the 100-DMA resistance-turned-support of 0.9415 will need validation from the 0.9400 round figure to convince the USD/CHF bears.
Even so, an upward-sloping support line from early February and the 50-DMA could challenge the pair sellers around 0.9295 and 0.9265 respectively.
Overall, USD/CHF remains on the bull’s radar but the 0.9440 hurdle should play its role as a trigger for the pair’s further upside.
Trend: Further upside expected
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